Freshworks Inc. (NASDAQ:FRSH) Receives $19.29 Average Target Price from Analysts

Freshworks Inc. (NASDAQ:FRSH) has been given an average rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $19.29.

Several equities analysts have commented on FRSH shares. Morgan Stanley increased their price target on shares of Freshworks from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. JMP Securities raised their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their target price on Freshworks from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, January 7th. Piper Sandler increased their price objective on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Thursday.

Freshworks Stock Performance

Shares of FRSH opened at $17.44 on Friday. The company’s 50-day simple moving average is $16.18 and its 200-day simple moving average is $13.42. The stock has a market capitalization of $5.28 billion, a PE ratio of -51.29 and a beta of 0.88. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.30.

Insider Transactions at Freshworks

In other Freshworks news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the transaction, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. The trade was a 60.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Barry L. Padgett sold 2,345 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the transaction, the director now directly owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,702,163 shares of company stock worth $26,721,018 in the last three months. Company insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently bought and sold shares of FRSH. Victory Capital Management Inc. increased its holdings in shares of Freshworks by 165.0% in the 2nd quarter. Victory Capital Management Inc. now owns 59,952 shares of the company’s stock worth $761,000 after acquiring an additional 37,330 shares during the period. Dimensional Fund Advisors LP increased its position in Freshworks by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,428,755 shares of the company’s stock valued at $30,821,000 after acquiring an additional 239,671 shares during the period. Renaissance Technologies LLC raised its stake in Freshworks by 7.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,134,600 shares of the company’s stock valued at $39,778,000 after acquiring an additional 221,900 shares in the last quarter. Amalgamated Bank grew its stake in shares of Freshworks by 29.1% in the second quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after purchasing an additional 1,588 shares in the last quarter. Finally, Ieq Capital LLC increased its holdings in shares of Freshworks by 1.3% during the second quarter. Ieq Capital LLC now owns 760,778 shares of the company’s stock valued at $9,654,000 after purchasing an additional 10,000 shares during the period. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.